Wells Fargo (NYSE: WFC) announced Friday that it has formed a new lending unit, Wells Fargo Capital Finance. The unit is a combination of the bank’s Wachovia Capital Finance Corporation (Canada), Wells Fargo Business Credit Canada ULC and Wells Fargo Foothill Canada ULC.
The bank said the new unit will provide a wide range of financing options for customers, from asset-based lending to accounts receivable financing. The new Wells Fargo Capital Finance unit will serve over 2,300 customers, while holding more than $26 billion in outstanding loans.
“Bringing our Canadian businesses together under this new identity completes the work we began in December, when we first introduced the name in the U.S.,” said Peter Schwab, head of Wells Fargo Capital Finance. “Thanks to the merger with Wachovia, we’re better positioned than ever before to help Canadian companies achieve their goals.”
Earlier in the month, Wells Fargo announced that the transition of all international Wachovia branches to bear the Wells Fargo name was mainly complete and that the remaining branches would be converted by the end of 2010.
Wells Fargo has more than 10,000 locations worldwide and holds roughly $1.2 trillion in assets.
